Athene Holding Ltd., the parent company of Athene USA in West Des Moines, today reported first-quarter net income of $708 million, or $3.64 per diluted share, compared with net income for the first quarter 2018 of $277 million, or $1.40 per diluted share. The increase was driven by favorable changes in the fair value of reinsurance assets related to the decrease in Treasury rates, the retirement savings company said in a release. Adjusted operating income for the first quarter was $287 million, up from $241 million a year ago. Among highlights for the quarter, Athene announced the formation of a strategic capital vehicle, Athene Co-Invest Reinsurance Affiliate, which is expected to provide Athene with up to $4 billion of on-demand, third-party equity capital to support a variety of business objectives. Athene’s board also increased the company’s share repurchase authorization to $350 million. “Our business continues to drive 17% compound annual growth in adjusted book value per share,” said Jim Belardi, CEO of Athene. “We are extraordinarily well positioned with a multi-channel distribution platform that provides sustainable and opportunistic growth with very attractive profitability.”